Betting Odds Explained

Betting Odds Explained
Betting Odds Explained mobile

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Betting Odds are simply a measure of probability. They represent the most likely outcome of a particular event.

Probability

Probability is the likelihood of an event happening.

Low Probability means that the event is unlikely to happen, and the betting odds will be higher.

High probability means that the event is likely to happen, and the betting odds will be lower.

Below is how bookmakers display their odds:

Fractional Betting Odds Explained

Fractional betting odds are the traditional way of showing odds in the UK. They show the total to be paid out for a successful bet in relation to the stake.

Betting £1 at Odds of 5/1 would return £6. You win £5 plus your stake of £1.

Be careful you are looking at the fraction correctly because:-

Betting £1 at Odds of 1/5 would return £1.20. You win 20p plus your stake of £1.

Decimal Betting Odds Explained

Decimal betting odds are more common in Europe. They show an outcome equivalent to the decimal value of the fractional odds plus one.

5/1  would be Decimal 6.
Betting £1 on Decimal 6 would return £6.

1/5 would be Decimal 1.2.
Betting £1 on Decimal 6 would return £1.20.

American Betting Odds Explained

American betting Odds are also known as Moneyline or US Odds. The figure quoted will be either positive or negative.

If they are shown with a + sign it means how much you would win on a £100 stake.

If they are shown with a – sign it means how much you would have to stake to win £100.

5/1 (Decimal 6) would be +500.
Betting £1 on US +500 would return £6.

1/5 (Decimal 1.2) would be -500
Betting £1 on Us -500 would return £1.20

What does odds on favourite mean?

In betting terms, odds on favourite means that the selection is most likely to win the event, this could be a horse, an individual, a team or any selection that a bet can be placed on. If two selections have the same odds, then they will be joint favourites.

what are good odds?

When bettors refer to good odds, they generally mean odds which are good value for the selection made. You could get several bookmakers offering ok odds and one bookie offering good odds.

An example would be betting on horse A to win the race, four bookies could offer 2/1 and one bookie could offer 3/1. The 3/1 odds bookmaker are offering good odds.

2 to 1 odds or 2/1 is a way of displaying the decimal odds 3.

 

In probablitiy terms, there is 1 in 3 chance of the selection winning.

 

If you place a bet of £10 on odds of 2/1 and your selection wins, you will win £20 plus your stake of £10 will be returned. So the outcome would be £30.

1 to 2 odds or 1/2 is a way of displaying the decimal odds 1.5.

 

In probablitiy terms, there is 2 in 3 chance of the selection winning.

 

 

If you place a bet of £10 on odds of 1/2 and your selection wins, you will win £5 plus your stake of £10 will be returned. So the outcome would be £15.

5 to 2 odds or 5/2 is a way of displaying the decimal odds 3.5.

In probablitiy terms, there is 28.57% chance of the selection winning.

If you place a bet of £10 on odds of 5/2 and your selection wins, you will win £25 plus your stake of £10 will be returned. So the outcome would be £35.

2 to 5 odds or 2/5 is a way of displaying the decimal odds 1.5.

In probablitiy terms, there is 71.42 chance of the selection winning.

If you place a bet of £10 on odds of 2/5 and your selection wins, you will win £4 plus your stake of £10 will be returned. So the outcome would be £14.

We find that changing the odds format to decimal really helps new bettors understanding odds. Fractions can get confusing especially during a time sensitive time like before a race.

We have put together a great odds conversion table to help you change fractions to decimals.

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